Tuesday, August 3, 2021

GST Council cuts tax on COVID-19 medicines, equipment

GST council

New Delhi, June 12: The GST Council on Saturday slashed the tax rate on COVID-19 medicines such as Remdesivir and equipment like oxygen concentrators and medical grade oxygen.
While GST on Tocilizumab and Amphotericin B is slashed to nil from 5 per cent, the rate on Remdesivir and anti-coagulants like Heparin is lowered from 12% to 5%.
Tax on medical grade oxygen, oxygen concentrators, ventilators, BiPAP machines and high flow nasal cannula (HFNC) devices has been cut to 5% from 12%, Finance Minister Nirmala Sitharaman said.
Also, tax on Covid testing kits has been brought down to 5% from 12%.
Pulse oximeters, hand sanitisers, temperature check equipment and ambulances too will attract lower 5 per cent tax, she said. (PTI)